Texas Insurance Code Title 6, Chapter 825 - Conversion Of Stock Insurance Company To Mutual Insurance Company

SUBCHAPTER A GENERAL PROVISIONS

• Texas Section 825.001 - Definitions
  In this chapter: (1) "Converting company" means a stock insurance company that converts to a mutual insurance company under this chapter. (2) "Resulting company" means...

SUBCHAPTER B STOCK ACQUISITION PLAN

• Texas Section 825.002 - Authority To Convert To Mutual Insurance Company
  (a) A domestic stock insurance company, as defined by law, may convert to a mutual insurance company. (b) To convert to a mutual insurance company,...
• Texas Section 825.051 - Contents Of Stock Acquisition Plan
  (a) A stock acquisition plan must: (1) be adopted by a vote of a majority of the directors of the corporation at a directors' meeting...
• Texas Section 825.052 - Sufficient Assets Required
  The commissioner may not approve a stock acquisition plan or a payment for stock under Section 825.051(b) unless, at the time of the approval, the...
• Texas Section 825.053 - Stock Acquisition Plan Approval
  A policyholders' meeting for approval of a stock acquisition plan may not be called until Sections 825.051(a)(1) and (2) are satisfied. Added by Acts 2001,...
• Texas Section 825.054 - Policyholder Eligibility
  To be eligible to participate in a policyholders' meeting held to approve a stock acquisition plan, a policyholder must have insurance coverage issued by the...
• Texas Section 825.055 - Policyholders' Meeting
  (a) A converting company shall give notice of the policyholders' meeting to each eligible policyholder. (b) The notice must be mailed from the home office...

SUBCHAPTER C ACQUISITION OF SHARES

• Texas Section 825.056 - Policyholder Voting
  (a) A policyholder may vote in person, by proxy, or by mail. All votes must be cast by ballot. (b) The commissioner shall appoint an...
• Texas Section 825.101 - Issuance Of Annuity Bonds In Payment Of Stock
  (a) A stock acquisition plan may provide that all or part of the purchase price of any part or all of the shares of stock...
• Texas Section 825.102 - Acquisition In Trust
  (a) Until all of the shares of a converting company are acquired, any shares acquired under the stock acquisition plan shall be held in trust...
• Texas Section 825.103 - Distribution Of Dividends
  After conversion, the converting company shall annually distribute among its policyholders, under terms approved by the commissioner, dividends or earnings accruing to the converting company...
• Texas Section 825.104 - Conversion Complete On Cancellation Of Stock; Application Of Certain Laws
  (a) When the converting company acquires all of its capital stock and the purchase price for that stock, including any annuity bond issued for the...

Last modified: September 28, 2016